maninder thind said:
October 16, 2024
To: Counterparties (“Home Buyers”) to unit purchase agreements with Vandyk-Heart Lake
Limited (the “Company”)
Re: Update No. 7 to Home Buyers
Pursuant to the order issued by the Ontario Superior Court of Justice (the “Court”) on November 14, 2023,
as most recently amended on October 15, 2024 (the “Third Amended and Restated Receivership Order”),
KSV Restructuring Inc. was appointed as receiver and manager (the “Receiver”) of certain property, assets
and undertakings of the Company, including the real property located at 10194 Heart Lake Road, Brampton
(the “Real Property”).
A copy of the Third Amended and Restated Receivership Order and other materials filed in the receivership
proceedings can be found on the Receiver’s case website at
Heart Lake Project Update
The purpose of this notice is to provide Home Buyers with an update regarding the Company’s real estate
development project (the “Heart Lake Project”).
The Receiver, after discussions with key stakeholders, has determined that the Heart Lake Project should
be completed during the receivership proceedings in order to maximize the potential benefits to
stakeholders, including secured lenders and the existing pre-sale Home Buyers.
On October 15, 2024, the Court granted the Third Amended and Restated Receivership Order, among
other things:
• authorizing the Receiver to retain ELM Forward as the construction manager to complete the Heart
Lake Project; and
• authorizing the Receiver to borrow the funds necessary to complete the construction of the Heart
Lake Project, up to an aggregate principal amount of $120,325,000, pursuant to a commitment
letter between the Receiver and KingSett Mortgage Corporation.
Click to expand...
I'm curious... how much did you pay and which of the floor plans?
 
gquest said:
I'm curious... how much did you pay and which of the floor plans?
Click to expand...
2023 was high.. example price in 2022
IMG_0330.png
 
maninder thind said:
October 16, 2024
To: Counterparties (“Home Buyers”) to unit purchase agreements with Vandyk-Heart Lake
Limited (the “Company”)
Re: Update No. 7 to Home Buyers
Pursuant to the order issued by the Ontario Superior Court of Justice (the “Court”) on November 14, 2023,
as most recently amended on October 15, 2024 (the “Third Amended and Restated Receivership Order”),
KSV Restructuring Inc. was appointed as receiver and manager (the “Receiver”) of certain property, assets
and undertakings of the Company, including the real property located at 10194 Heart Lake Road, Brampton
(the “Real Property”).
A copy of the Third Amended and Restated Receivership Order and other materials filed in the receivership
proceedings can be found on the Receiver’s case website at
Heart Lake Project Update
The purpose of this notice is to provide Home Buyers with an update regarding the Company’s real estate
development project (the “Heart Lake Project”).
The Receiver, after discussions with key stakeholders, has determined that the Heart Lake Project should
be completed during the receivership proceedings in order to maximize the potential benefits to
stakeholders, including secured lenders and the existing pre-sale Home Buyers.
On October 15, 2024, the Court granted the Third Amended and Restated Receivership Order, among
other things:
• authorizing the Receiver to retain ELM Forward as the construction manager to complete the Heart
Lake Project; and
• authorizing the Receiver to borrow the funds necessary to complete the construction of the Heart
Lake Project, up to an aggregate principal amount of $120,325,000, pursuant to a commitment
letter between the Receiver and KingSett Mortgage Corporation.
Click to expand...
We all got that notice / email.. you should be getting another email soon if your price change but i doubt.
 
Deanfeb said:
We all got that notice / email.. you should be getting another email soon if your price change but i doubt.
Click to expand...
I'm not sure he'll get any further notice. Per the email he shared he bought the Vandyk-heartlake project. This is different from Up-towns. The Vandyk-heartlake won't have any price revision and they'll complete it as scheduled. Every that bought that project definitely paid above current market price.
 
gquest said:
I'm not sure he'll get any further notice. Per the email he shared he bought the Vandyk-heartlake project. This is different from Up-towns. The Vandyk-heartlake won't have any price revision and they'll complete it as scheduled. Every that bought that project definitely paid above current market price.
Click to expand...
But this is confusing?.. ksv needs 120 m to complete Uptowns but also the same amt to complete vandyk heartlake ? Or total to complete both?
 
gquest said:
I'm not sure he'll get any further notice. Per the email he shared he bought the Vandyk-heartlake project. This is different from Up-towns. The Vandyk-heartlake won't have any price revision and they'll complete it as scheduled. Every that bought that project definitely paid above current market price.
Click to expand...
I thought there is a sign there land for sale? Saw that few weeks ago?
 
Deanfeb said:
But this is confusing?.. ksv needs 120 m to complete Uptowns but also the same amt to complete vandyk heartlake ? Or total to complete both?
Click to expand...
$120M each. Similar budget amount. Uptowns is expensive because of the underground parking. Vandyk-heartlake won't have underground parking I think.
 
Deanfeb said:
I thought there is a sign there land for sale? Saw that few weeks ago?
Click to expand...
It was for sale but they didn't get good offers. As part of the last motion, they asked the judge to approve KSV to complete it. Essentially, buyers of that project are locked in!
 
gquest said:
Lol. They didn't release the full construction budget showing the detailed cost. Fishy Fishy
Click to expand...
With the 60m they just got that garage should be in full swing now.. i already left Canada so cannot check whats going on?
 
Deanfeb said:
With the 60m they just got that garage should be in full swing now.. i already left Canada so cannot check whats going on?
Click to expand...
Yeah but I doubt that. My personal opinion is...they'll want to see how many people will agree to the new APS before anything ho full swing.

Like will continue spending the 60M when the viability of the project is not certain.
 
gquest said:
Yeah but I doubt that. My personal opinion is...they'll want to see how many people will agree to the new APS before anything ho full swing.

Like will continue spending the 60M when the viability of the project is not certain.
Click to expand...
I asked Meg that question recently if not enough secured amended aps what happens, she said ksv will have to go to judge. So make sense they kinda playing ball with purchasers , i am anxious to see my price lol maybe could be not so much higher thats why its sealed
 
Deanfeb said:
I asked Meg that question recently if not enough secured amended aps what happens, she said ksv will have to go to judge. So make sense they kinda playing ball with purchasers , i am anxious to see my price lol maybe could be not so much higher thats why its sealed
Click to expand...
Lol...we'll see . Hopefully they reach out soon
 
You must log in or register to post here.

Back
Top